YEAR EVENTS
1984 - The company was incorporated on 17th May, under the name and
style `Bellary Steels and Alloys (Mini Steel Plant) Pvt.
Ltd.'
at Bellary in Karnataka. It was promoted by Shri S. Madhava.
Another company by name `Bellary Steels and Alloys Pvt. Ltd.,
incorporated on 27th August 1980 was amalgamated with this
company with effect from 30th April 1985. Subsequently, the
company was converted into a public limited company on 5th
June,
1986. The company's name was changed as `Bellary Steels and
Alloys Ltd.' with effect from 10th November 1989.
- The main objective of the company is to manufacture steel
ingots/billets, runner & risers, steel structurals, re-rolled
products, sponge iron, etc.
1986 - The company commissioned a plant with an annual installed
capacity of 18,000 tonnes of steel ingots/billets set up near
Bellary in Karnataka.
1987 - Production was lower than the target due to short supply of
raw
materials and frequent electricity load sheddings.
- The company undertook a modernisation programme (Phase I).
Under
this programme, a continuous billet casting machine (CCM) and
a
oxi-air fuel burner were installed which were developed by
American Machine Building Technology Inc. (USA).
- Till date all shares taken up by promoter, directors, their
relatives, etc.
1989 - Due to problems encountered in commissioning the continuous
casting machine (CCM) and oxi-air fuel burner, unexpected
failure
of the furnace transformer during September-November, and load
shedding by State Electricity Board, production was lower
than
in the previous period when compared on an annualised basis.
- The furnace transformer had since been repaired and many
problems
of CCM were also sorted out.
- Under the second phase of modernisation programme, secondary
steel making (SSM) facilities were being installed by using
ladle refining furnace process technology.
- The company proposed to set up a coal based sponge iron plant
with a process technology supplies by M/s. Sponge Iron India,
Ltd.
- Equity and Pref. shares sub-divided on 28th July. 2,50,000
No.
of equity shares of Rs. 10 each issued to promoters,
directors,
their friends etc. 18,00,000 No. of equity shares were then
issued at par of which the following shares were reserved and
allotted:
- (i) 3,00,000 shares to SBI Mutual Fund; and
- (ii) 1,80,000 shares to Shri S. Madhava by conversion of
loan.
- Out of the remaining 13,20,000 shares, 90,000 shares were
reserved for preferential allotment to employees (including
Indian working directors/workers of the company (only 22,400
shares taken up).
- The balance 12,30,000 shares, along with the unsubscribed
portion
of 87,800 shares of employees quota were offered for public
subscription during January, 1990. Addition 2,43,000 shares
were
allotted to retain oversubscription.
1990 - Despite various problems in import of melting scrap faced by
the
industry.
- The company privately placed with SBI Mutual Fund 14% -
non-convertible debentures aggregating Rs. 60.0 lakhs. These
debentures are redeemable at a premium of 5% in three equal
annual instalments beginning at the end of the sixth year from
the date of allotment.
- The company made a public issue of equity share in January, to
part finance the cost of modernisation/expansion besides
meeting
the long term working capital needs.
1991 - The company proposed to instal an 18 Merchant rolling mill to
create adequate facility for the manufacture of rolled
products
of the special steels. It is also proposed to instal
facilities
like continuous charging system, modification of the metal
tapping system to eccentric bottom tapping, for increasing
the
productivity and production capacity, improving the quality
and
minimising captive consumption of sponge iron on the existing
steel melting shop and rolling mill.
1992 - With the completion of expansion-cum-modernisation programme,
the
company plans to take up production of value added alloy
steels
and enlarge its market base by entering the engineering and
automobile component industries as well as exports.
- The first module of the sponge iron project was completed and
trial runs were carried out during March.
- During January, the company issued 7,46,600-15% fully
convertible
debentures of Rs. 150 each to the shareholders on rights basis
in
the proportion of 20 debentures: 100 shares held. Additionl
1,11,990 debentures were allotted to retain oversubscription.
- Another 37,330-15% fully convertible debentures were issued to
the employees of the company. Only 7,230 debentures were
taken
up. The remaining 30,100 debentures were taken up by SBI
Mutual
Fund.
1993 - Each debenture was to be converted into 10 equity shares of
Rs.
10 each at a premium of Rs. 5 per share in one stage within
15
months from the date of allotment or on 1st April.
- Accordingly, 89,59,200 shares were allotted on 6th April.
- 89,59,200 shares allotted on conversion of debentures.
1994 - The company undertook modernisation of EAF in the steel melt
shop.
- The company undertook a project to set up a captive power
plant
of 12MW capacity to utilise waste gases from the sponge
kilns.
- 48,53,000 shares allotted.
1995 - The company proposed to set up a new integrated steel plant
with
an initial capacity of 0.5 million TPA for long products at
Bellary in technical collaboration with China shougang
International Trade & Engineering Corporation, Beijing the
leading manufacture of Iron & Steel in China.
- 46,00,000 shares allotted at par to the FIs on conversion of
loan. 17,00,000 shares (Prem. Rs. 15 per share) issued to
the
friends and associates of the promoters.
1997 - 15,00,000-12% redeemable cumulative non convertible pref.
shares
of 10 each allotted to South Indian Bank Ltd. on preferential
basis.
- Bellary Steel & Alloys has been granted approval to bring in
foreign equity worth million amounting to 35 per cent of
its paid up capital b four foreign promoters.
- Shougang of China has a technical collaboration with
Bellary Steel & Alloys (BSAL) for the manufacture of steel
billet ingots through the electric arc furnace route.
1998 - BSAL has an in-principle agreement with the Industrial
Development Bank of India, is Rs.600 crore, the remaining
amount will be raised through equity.
- Bellary Steels is also planning to set up a township close to
its
production facility in assistance with SBI Home and HDFC.
- Bellary Steels and Alloys Ltd is setting up an iron
ore mining complex near Bellary in Karnataka.
- Bellary Steels and Alloys Ltd (BSAL) has proposed to offer
equity shares aggregating Rs 180 crore (Rs 1.8 billion) in a
move to part-finance its upcoming integrated steel plant in
Bellary.
- BSAL is setting up a Rs 891-crore integrated steel plant with
a
capacity of 0.5 million tonne per annum for manufacturing
long
products through blast furnace and basic oxygen furnace
route.
1999 - The company proposes to issue 7,80,00,000- 12 per cent
redeemable preference shares (Series C) of Rs. 10 each at par
to the promoters on private placement basis.
2005
-Company has splits its Face value of Shares from Rs 10 to Re 1